Raenest, a Nigerian fintech startup offering multi-currency accounts for individuals and businesses across Africa, has raised $11 million in Series A funding to drive its expansion. QED Investors led the funding round, with participation from Norrsken22 and follow-on investments from Ventures Platform, P1 Ventures, and Seedstars. This latest investment brings Raenest’s total funding to $14.3 million.
With this new capital, the company plans to strengthen its presence in Nigeria and Kenya while expanding into the United States and Egypt. Its goal is to improve financial services for Africans on the continent and in the diaspora, making cross-border transactions smoother and more accessible. The funding will also help Raenest attract top talent and scale its operations.
Speaking on the funding, Victor Alade, CEO of Raenest, highlighted the company’s mission to break down financial barriers for Africans. He described Raenest’s journey as one shaped by innovation and collaboration, with a clear vision to bridge economic and digital divides.
According to him, “This funding, supported by new and existing investors who share our mission, provides the momentum to scale our solutions and expand our impact across the continent. We are excited to continue building solutions that connect Africa to the world and drive inclusive growth and prosperity.”
The investment comes seven months after the Central Bank of Nigeria (CBN) granted Raenest approval to operate as an International Money Transfer Operator (IMTO), allowing it to facilitate cross-border payments. It also holds a Money Services Business (MSB) licence in Canada and is working to secure additional regulatory approvals in other key markets.
To support its international expansion, the company has already established partnerships with major banks in the United States and the United Kingdom, ensuring stability and reliability in its financial operations.
Raenest was founded in 2022 by Alade, Sodruldeen Mustapha, and Richard Oyome. It started as an Employer of Record (EOR) before transitioning into a fintech platform focused on modernising global banking for Africans. The company helps businesses and freelancers manage international payments effortlessly by offering multi-currency wallets, global bank accounts, and physical and virtual dollar cards. Users can send and receive payments in USD, EUR, and GBP, giving them the flexibility to operate in international markets with ease.
Since its launch, the company has attracted over 700,000 users and processed more than $1 billion in payments. It serves over 300 businesses, including Moniepoint, Helium Health, Fez Delivery, and Matta. Raenest also operates Geegpay, a product designed for Africa’s growing gig economy. Geegpay enables freelancers, remote workers, content creators, and solopreneurs to receive payments from platforms like Upwork, Fiverr, and Gusto while reducing transaction fees.
With this new funding, Raenest is looking to expand its reach and strengthen its position in the booming cross-border payments industry, projected to reach $320 trillion by 2032. With Africa being one of the fastest-growing regions for global transactions and strong investor support, the company is well-positioned to deliver cost-effective financial solutions.
Written by Omoruyi Edoigiawerie, a seasoned startup attorney with over a decade of experience. Learn more.
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Per Kola Aina, Founder and General Partner at Ventures Platform, Raenest’s commitment to Africa’s gig economy and businesses has been evident from the start. He expressed confidence in the company’s ability to scale while continuing to deliver meaningful impact in the financial services sector.
"At QED, we firmly believe that by bridging the gap between local and global markets, Raenest will unlock new opportunities for African entrepreneurs, freelancers and businesses, ultimately driving greater economic empowerment across the continent," Gbenga Ajayi, Partner and Head of Africa and the Middle East at QED Investors, concludes.
